Over the last 5 or 6 years …Does Papaya Global Payroll Have A Time Clock Feature… roles on the service provider side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and discover how improving global payroll payments can change them from a troublesome task into a tactical property.
Managing payroll worldwide is a difficult job due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual processes, information silos, and a lack of combination, leading to inconsistencies and inadequacies. Despite living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on international payroll the less of a picture they see a lack of presence also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors improperly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be included right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to type of move on with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re just seeking to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an impact perspective on workers it is definitely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um offering an end-to-end payroll option for your employees globally once again I believe is another huge um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how crucial a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everyone so carrying on look why do business select to main different savings account there are Does Papaya Global Payroll Have A Time Clock Feature companies out there doing exactly this for specific nations and I have actually operated in an organization or numerous services doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe individuals have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing however ultimately people are extremely stuck to what they recognize
with right um change is a hard thing all of us do not like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping several savings account but there’s a big amount of intricacy chooses setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge but I believe the sincere answer is change um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or two there is a lot to monitor and this approach does posture numerous difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Have A Time Clock Feature